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Correct. We think of banks as the ones being the investors but this is not the case. When a bank makes a moartgge, they issue moartgge notes on that particular moartgge and sell them to investors. Banks continue servicing the moartgge. Servicing mean collecting your money, sending out statements, escrowing for taxes and insurance, managing the PMI if applicable, etc.Occasionally banks do sell moartgges (the portion that they own) to other banks. But this is beside the point. To YOUR point: If the bank told you that the offer has been sent for investor approval, that means that you're pretty far along. It still needs a few signatures and will likely take between 2 to 4 weeks but you're already past the appraisal stage and what we call "soft credit pull".Good luck!References : Was this answer helpful?
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(VISITOR) AUTHOR'S NAME
BKrishna
MESSAGE TIMESTAMP
17 december 2014, 07:13:51
AUTHOR'S IP LOGGED
173.234.163.178
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